The Homestretch update from the CNBC Investing Club with Jim Cramer provides actionable information for investors in the last hour of trading on Wall Street. Markets struggled to hold onto early gains, with technology stocks initially rising but later falling as semiconductor stocks dropped. The decline may have been triggered by disappointment around Snowflake’s quarter or a small revenue beat from chip designer Synopsys. The Democrats’ platform appears to be targeting drug companies and supermarkets for pricing issues, while banks are not being castigated. Medical device stocks like Abbott Laboratories are performing well, with Citi raising its price target on Abbott. The housing trade remains strong, but big-ticket, housing-related items are struggling this earnings season.
Earnings reports are upcoming, with Gap Stores potentially on the cusp of a multi-year move. Gap’s earnings report next week will be closely watched. Additionally, Cava, Workday, Intuit, and Ross Stores will report after the bell. The most important event on Friday is Federal Reserve Chairman Jerome Powell’s speech at the annual Jackson Hole conference. Powell’s speech may provide clarity on the Fed’s interest rate cut plans for the September meeting and the number of cuts expected by year-end. Market expectations currently reflect a 1 percentage point reduction in interest rates this year. As a subscriber to the CNBC Investing Club, members receive trade alerts before Jim Cramer makes a trade.
The market’s decline after early gains is attributed to overbought conditions and profit-taking in technology stocks. The Democratic platform is targeting drug companies and supermarkets for pricing issues, while banks are not facing as much scrutiny. Medical device stocks like Abbott Laboratories are performing well, despite concerns about diabetes device makers and legal issues related to specialized baby formula. The housing market remains strong, but big-ticket items related to housing are struggling this earnings season.
Earnings reports from Gap Stores, Cava, Workday, Intuit, and Ross Stores are upcoming and will be closely monitored for market impact. Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole conference is highly anticipated for insights into the Fed’s interest rate cut plans. Powell’s guidance on the number of expected rate cuts by year-end will be a key focus for investors. Subscribers to the CNBC Investing Club receive trade alerts before Jim Cramer makes a trade, with a waiting period of 45 minutes after the alert before executing a trade. Stocks discussed on CNBC TV have a 72-hour waiting period before trades are executed in his charitable trust’s portfolio.
Overall, the market is experiencing volatility and uncertainty as investors navigate through earnings reports, Fed announcements, and political developments. The CNBC Investing Club with Jim Cramer provides valuable insights and trade alerts to help investors make informed decisions in the ever-changing landscape of Wall Street trading. With a focus on actionable information for the last hour of trading, subscribers can stay ahead of market trends and potential profit opportunities.
